Saturday, Sep 26, 2020
International Finance
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Aston Martin to unveil plans for $6.4bn float on London Stock Exchange

Aston Martin, London Stock Exchange
The iconic luxury automobile manufacturer had reportedly appointed advisers to oversee an IPO earlier this year

The brand, most famously associated with the James Bond franchise will lay out its plans for a $6.4bn float on the stock market on Wednesday morning, according to a Sky News report.

The luxury car maker is all set to reveal details of a planned listing on the London Stock Exchange alongside its interim results. The company is expected to seek a valuation of $6.4bn , and will sell approximately $1.2bn worth of shares when it floats.

Sky News also reported that the group will deliver “healthy” interim results. Aston Martin declined to comment.

The report comes after months of speculation that the firm is gearing up to go public – in January, sources told Bloomberg that the motor manufacturer was in talks with advisers.

The Aston Martin group was founded in 1913 and has become one of the UK’s most well-known brands—most famously, via its association with the James Bond franchise. Bond’s Astom Martin DB5 was voted the greatest movie car ever in a recent poll.

The firm has also branched out from luxury motors in recent years, and earlier this month revealed plans to create a luxury aircraft.

Meanwhile, last year the company broke ground on a luxury property development in Miami.

The group is also planning to enter the Formula 1 world, and this year became the Red Bull title sponsor.

Aston Martin president and chief executive officer, Andy Palmer, stated that moving into Formula One was a possible future venture for the sportscar makers, although he stressed that the “right environment” would need to be created that would prevent costs from spiralling out of control.

 

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